Company News

ConocoPhillips posts smaller loss from prior quarter as oil prices recover

U.S. oil producer ConocoPhillips on Thursday posted a smaller quarterly loss than the prior quarter close on the heels of a blockbuster shale deal, as crude oil prices recovered from the pandemic-driven historic lows.

Its all-stock deal for Concho Resources Inc, valued at $8.3 billion as of Wednesday’s close, started a wave of consolidation in the shale industry earlier this month as producers look to buy rivals hit hardest by weak oil prices.

The company’s adjusted net loss shrank to $331 million, or 31 cents per share, in the third quarter ended Sept. 30, from $994 million, or 92 cents per share, in the second quarter. (Reporting by Nishara Karuvalli Pathikkal in Bengaluru; Editing by Arun Koyyur)